Connor can help assess system vulnerabilities and prevent cyber attacks and data breaches.

The 2022 Allianz Risk Barometer report warns that, like the two years previously, COVID continues to play a significant role in how companies conduct business. However, the report states that the biggest threat to businesses this year is cyber-attacks and incidents such as the threat of ransomware attacks, data breaches, or major IT outages. The concern for these events is higher than the concerns about business and supply chain disruption, natural disasters, or the Covid-19 pandemic, all of which have heavily affected businesses in the past year.

An annual report, the Allianz Risk Barometer provides insight from more than 2,650 risk management experts from 89 countries and territories on the top corporate risks. The report states that cyber incidents top the report for only the second time (44% of responses), business interruption drops to a close second (42%), and natural catastrophes ranks third (25%), up from sixth in 2021. Climate change climbs to its highest-ever ranking of sixth (17%, up from ninth), while Pandemic outbreak drops to fourth (22%).

From these numbers, it is clear that while the pandemic and pandemic-related issues continue to challenge businesses, there are far more pressing threats to contend with. The AGCS CEO Joachim Mueller states, “’Business interrupted’ will likely remain the key underlying risk theme for this year. Building resilience is becoming a competitive advantage for companies.”[1]

Indeed, companies that have the ability to pivot or address challenges head on and immediately when they arise have, and will continue to find themselves uniquely able to adapt to changes. However, being able to address challenges is only one half of the equation.

Security is a top concern in 2022

According to the FBI’s Internet Crime Report, the cost of cybercrimes reached $2.7 billion in 2020 alone.[2] 2020 saw a 69.4% increase in cyber-attacks over 2019, a number that is expected to continue to increase in 2022, with 88% of businesses polled fearing an attack.[3] As a result of the growing threat, assessing and addressing security issues is a top priority for businesses in 2022.

Training staff to avoid security breaches

The most critical step your business can take to avoid security breaches and cyber-attacks is to engage in regular training with staff to understand the various ways hackers can attempt to infiltrate your system, how to prevent an attack, and what to do if they are concerned about something. Training topics should include:[4]

• Spotting a phishing email
• Using good browsing practices
• Avoiding suspicious downloads
• Creating strong passwords
• Protecting sensitive customer and vendor information
• Maintaining good cyber hygiene

With a robust training program in place, employees will be empowered to remain vigilant, knowing what they are looking for.

Bolster systems security

An easy and quick step your business can take is bolster current security features. Ensuring all systems used are running on a robust and up to date antivirus software is critical for the safety and health of your systems.

In addition, your networks should be properly secured using a firewall and encrypting information. Wi-Fi networks should be secure and hidden. You can achieve this by setting up your wireless access point or router so it does not broadcast the network name, known as the Service Set Identifier (SSID).[5] Password-protect access to the router as well.

Finally, require multi factor identification and secure passwords for all systems. While this may seem irritating on a daily basis, the security benefits of simple steps like these present cannot be understated.

ERP Security

Critical to maintaining your system’s security is regular security monitoring and assessment. Unfortunately, it is hard to know where the cracks in your system are until you are attacked. However, a regular assessment can show you where your business is potentially vulnerable to security attacks as well as how to limit the risks by addressing the vulnerabilities.

ERP Security is a wide range of measures aimed at protecting Enterprise resource planning (ERP) systems from illicit access, ensuring the accessibility and integrity of system data. Common ERP systems are SAP, Oracle E-Business Suite, and Microsoft Dynamics.

Bringing in an outside entity to conduct a security analysis of your system will provide your business with critical information about how a hacker could potentially infiltrate your system. While analysis will come at a cost, the cost of failing to prepare for an attack will be devastating if an attack occurs.

Connor can help

As a leader in security monitoring and control, we can help you assess your security systems and determine the vulnerabilities in your system.

With a proven track record, we have helped some of the largest global companies detect countless critical risks and fine-tune licensing that had previously gone unnoticed, even within the most heavily audited systems. We can help you check for over 2,000 potentially risky ERP situations.

To learn more about our system security solutions, contact sofwareadvisoryservices@connor-consulting.com

[1] Allianz Risk Barometer 2022 | AGCS

[2] IC3 Releases 2020 Internet Crime Report — FBI

[3] IC3 Releases 2020 Internet Crime Report — FBI

[4] https://www.sba.gov/business-guide/manage-your-business/stay-safe-cybersecurity-threats

[5] https://www.sba.gov/business-guide/manage-your-business/stay-safe-cybersecurity-threats

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